OVERLAND PARK, Kan. (AP) _ QTS Realty Trust Inc. (QTS) on Monday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The Overland Park, Kansas-based real estate investment trust said it had funds from operations of $35.4 million, or 64 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 61 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $4.9 million, or 10 cents per share.
The data center real estate investment trust posted revenue of $106 million in the period, which also beat Street forecasts. Seven analysts surveyed by Zacks expected $105.8 million.
QTS Realty expects full-year funds from operations in the range of $2.64 to $2.76 per share.
The company's shares have increased roughly 8 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $53.56, a rise of 11 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on QTS at https://www.zacks.com/ap/QTS
Keywords: QTS Realty, Earnings Report